Rampant inflation has exacerbated economic inequality, except for those who can afford dollars.
In article published the Telegraph ( Telegraph UK), writer Campbell Mc darmid said that acute shortage of foreign currency in country where 80% imports goods led to abandonment even licensed banks for official price of dollar, which stood 1515 pounds. Read also The Central Bank of Lebanon is studying a mechanism for repaying frozen account funds Bale is not for all the poor… How did the collapse reverse the consumption pattern of the Lebanese? Infringements on public marine property in Lebanon.. How do they reflect the obstacles to recovering looted funds? Lebanon.. Continued withdrawal of dollar deposits at the exchange rate of 3900 pounds
The writer mentioned that the lira reached its lowest level during the past week, reaching 15 thousand and 300 pounds against one dollar; This exacerbated hardships for most people, and provided a windfall for those who could obtain foreign exchange. Overall, rising inequality has become an aspect of life in this Mediterranean country, which is known for the extravagant lifestyle of its elite.
The writer explained that a seafood meal amounted to about $ 20 per person at a local restaurant on the seashore, and recently, the menu at a well-known restaurant on Badaro Street did not include a roast beef sandwich. In this regard, owner Sami, describing the anguish of acquiring beef, said, “We buy meat as if it was a drug deal.”
Coinciding with the decline in foreign reserves, the remaining subsidized goods are few, and although the fuel pumps are not completely dry, it is inevitable to wait an hour at the gas stations, even for those returning from a distant holiday weekend. Their salaries do not exceed $100 a month, and they are unable to stand the fight that breaks out in line, according to the British newspaper.
Below the poverty line
Officially, more than half of the population currently lives below the poverty line, as this number is rapidly worsening. For its part, the World Bank warned this month that Lebanon’s suffering is one of the most severe crises the world has witnessed since the mid-19th century.
Specialists also pointed out that a GDP contraction of about 40% is usually associated with conflicts or wars, and specialists added that there is an increased caution about potential catalysts that would lead to the outbreak of social unrest.
Given the history of Lebanon’s civil war, these warnings should sound alarm bells, even for the country’s most isolated elite. https://41e1b901ea559391f31d0a7bcd9f81c1.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
On the other hand, the writer says, political differences have prevented the formation of a new government since the resignation of former Prime Minister Hassan Diab, days after the massive explosion that occurred in the port of Beirut last summer, which killed more than 200 people.
Last week, France announced it was organizing a fundraising campaign for the Lebanese army, which is among the institutions that have distanced itself from the country’s sectarian divisions. For his part, the army chief, General Joseph Aoun, warned – in a speech last March – that the soldiers “suffer and feel hungry like the rest of the citizens.”
The World Bank reported that with international financial institutions and foreign governments insisting that systemic reforms should be carried out before bailout plans could be implemented, there was no clear turning point in sight.